Addleshaw Goddard's client roster includes a significant number of FTSE AIM 50 and FTSE AIM 100 companies, as well as 12 of the top 13 UK mid-cap stockbrokers, and other financial advisers and brokers. Led by Nick Pearey, the national team is strong in AIM and Main Market matters, with it being prominent in high-profile IPOs, secondary fundraisings and public M&A. In one highlight, Giles Distin and legal director Jeremy Cruse acted for Liberum Capital on the £120m AIM IPO of SourceBio International Plc, which was one of the few AIM IPOs to take place in 2020. Simon Wood and Roger Hart are also recommended.

Norton Rose Fulbright's standing in the market is reflected by the fact that it is a first choice among many FTSE 250 and AIM-listed companies, listed funds, bulge-bracket banks and other financial institutions. Led by Raj Karia, the team is notably active in transactions with a nexus to the real estate, renewables infrastructure, oil and gas, mining, healthcare and life sciences sectors, and financial institutions. In 2020, Thomas Vita led advice to Hyloris Pharmaceuticals on its €75m Euronext Brussels IPO. In addition, he was part of the cross-office team, which acted for Citigroup, Jefferies and Commerzbank on the €115m IPO of Brockhaus Capital Management on the Frankfurt Stock Exchange. The firm also advised JP Morgan and Peel Hunt as joint bookrunners on LondonMetric Property Plc’s £120m placing by way of accelerated bookbuilding. Fiona Millington, Richard Sheen and Clementine Hogarth are other names to note in the group, which is also highly active in emerging markets transactions, including those involving the Middle East and Africa.

Travers Smith LLP has an outstanding track record in high-profile and high-value AIM, Main Market and SFM listings. Its team is also adept at handling cash placings, rights issuances, reverse takeovers, block trades and tender offers. The firm acts for more than 60 publicly listed companies (a number of which are on the FTSE 350 index) and it also advises a substantial client base of investment banks. In addition, the firm generates a strong flow of work from London-listed investment funds and their sponsors, and particularly stands out in transactions involving the technology, fintech, retail and renewable energy sectors. In a recent highlight, team head Andrew Gillen  led a group that advised Foresight Group on its £455m Main Market IPO. In 2020, Tom Coulter (who was recently promoted to partner) led advice to Peel Hunt as nominated adviser, broker and sole bookrunner on Inspec Group Plc’s £138m AIM IPO and £64m placing. Aaron Stocks, Dan McNamee and Brent Sanders also recently handled the Main Market IPOs of Marwyn Acquisition Company I Limited, Marwyn Acquisition Company II Limited and Marwyn Acquisition Company III Limited. Adrian West and Richard Spedding are also recommended.

Ashurst's equity capital markets practice attracts work involving a number of key sectors, including the mining, oil and gas, healthcare, technology, real estate and real estate fund industries. Reflective of the firm's strong pedigree, it advises a wide variety of stakeholders on complex mandates, including issuers, shareholders, bulge-bracket investment banks and brokerage firms. In 2020, Simon Bullock, Stuart Rubin and others acted for Jefferies International Limited, Carnegie Investment Bank and DNB Markets as managers on a SEK300m equity fundraising by Swedish research-based pharmaceuticals company Camurus. In addition, Bullock and others advised National Express Group Plc on its £235m equity capital raising, and the firm has also seen a steady flow of IPO work. Jeffrey Johnson, who made partner in May 2021, has US securities law expertise, as does Rubin and Jennifer Schneck. Nicholas Holmes is another key figure in the team.

Bryan Cave Leighton Paisner LLP notably distinguishes itself in equity capital markets transactions connected with the energy and natural resources, real estate and listed funds sectors. Benjamin Lee leads the team, which has extensive AIM and Main Market expertise, and is particularly highly sought after by dual-listed companies (including those listed in Canada and Australia). Other clients include investment banks and financial intermediaries. Ariel White-Tsimikalis joined from Davis Polk & Wardwell LLP in September 2020. Also of note are Alexander Keepin, Nicholas Myatt, counsel Brian Mulkerrins and senior associate Tom Bacon. In 2020, Keepin and Mulkerrins advised Trident Royalties Plc on its move from the Main Market to AIM. They also acted for Peel Hunt LLP, Cormark Securities Inc and Cantor Fitzgerald Canada Corporation as joint bookrunners to leading exploration company SolGold Plc on its £26.1m underwritten placing.

DLA Piper strengthened its ranks in 2020 by hiring corporate partner Jonathan Earle (who has significant experience in acting for public companies) and New York-qualified counsel John Stone from Gibson, Dunn & Crutcher and Linklaters LLP respectively; Robert Newman also made partner. The EMEA capital markets practice is led by Alex Tamlyn, who has more than 30 years of experience in acting for clients on domestic and cross-border securities offerings and is Chair of the London Stock Exchange Primary Markets Group. The broader team handles a myriad of complex matters, including AIM and Main Market IPOs, rights, issuances and block trades. In addition, public M&A and demergers are other drivers of work. Recent highlights included Tamlyn, Martin Penn and recently promoted legal director Karin Kirschner advising Mothercare on its move from the Main Market of the London Stock Exchange to AIM; the team also assisted Learning Technologies Group Plc with an £81.8m equity placing.

Eversheds Sutherland (International) LLP acts for a significant number of companies listed on AIM and the Main Market, and its client roster also includes many prominent brokers and NOMADs, UK investment trusts and Channel Islands-registered investment companies. Stephen Nash leads the equity capital markets department, which handles IPOs, secondary offerings and reverse takeovers. Elsewhere, the firm excels in public and private M&A work. Richard Moulton is also recommended.

Fieldfisher's highly-respected team has a wealth of expertise in equity capital markets work and related corporate transactions spanning the energy and natural resources, life sciences and healthcare, oil and gas, mining and metals, technology and financial services sectors. In 2020, it acted for more than 40 AIM-listed companies and 20 NOMADs and brokers. Reflective of the firm's strong pipeline of work, it handled more than 75 equity capital markets transactions for clients. Highlights included Edward Westhead advising finnCap on Gemsfields Group's AIM admission, the first admission to AIM of a mining company in 2020. In addition, George Cotter acted for AIM-listed company Access Intelligence Plc on a £10m secondary fundraise. Neil Matthews leads the group, which also includes Anthony Brockbank, Jonathan Brooks, David Bowcock and Brad Isaac.

Gowling WLG's capital markets practice distinguishes itself with AIM and Main Market work and it is also well-known for its strengths in the listed funds arena. With the firm having a significant Canadian capital markets capability, it is a particularly strong choice for dual-listings. The client roster includes more than 86 public companies (40 of which are listed on AIM), as well as NOMADs and brokers. Charles Bond leads the team, which ranks highly in the market for work from FTSE AIM 50 and FTSE AIM 100 companies. Bond is well-known for his experience of mandates connected with the mining and natural resources sector, while Hugh Maule's expertise spans the healthcare, renewable energy, technology and support services industries. Also recommended is recently promoted partner Samantha Myers, who is the head of the firm's UK cannabis group. In 2020, highlights included Bond and Sue Johnston advising Strand Hanson, Pareto Securities, Numis Securities and GMP First Energy on a $14.1m placing by Canadian company PetroTal Corporation. In addition, Kristian Rogers assisted closed-ended listed fund Urban Logistics REIT Plc with two fundraises that collectively raised £228m.

Osborne Clarke LLP has maintained a strong offering in high-profile IPOs, secondary equity offerings and public M&A, under the leadership of Jonathan King. Highlights included King, senior associate Ed Nisbet and others advising Elixirr International plc on its £100m AIM IPO and associated £20m placing. The team also acted for Cenkos Securities and Investec Bank as joint brokers and joint bookrunners to AIM-quoted Eddie Stobart Logistics Plc on its £16m placing and open offer, conversion to an investing company and re-admission to AIM. Mark Wesker and Rebecca Gordon are also recommended for their extensive equity capital markets experience.

Tom Nicholls leads the team at Stephenson Harwood, which has acted in many high-profile AIM IPOs, secondary fundraises and public takeovers. It attracts a loyal client following among corporate issuers, sponsors, NOMADs and brokers. Highlights in 2020 included Anthony Clare leading advice to E-Therapeutics Plc on a £12.4m placing. Elsewhere, the group is particularly noted for its strengths in the listed funds space, as evidenced by the fact that it acted on four of the eight fund IPOs that occurred in 2020. William Saunders and others acted for Home REIT Plc on its £240.5m IPO on the London Stock Exchange, which was the biggest listed fund IPO of 2020. Tom Page, David Dowding, Alex Haynes and Elizabeth Field are also recommended.

Bird & Bird LLP covers the entire ambit of AIM and Main Market equity capital markets transactions for corporate issuers, financial advisers and investment banks. Led by Clive Hopewell, the team works with practitioners from across the firm's international network to handle cross-border mandates, and is also highly active in domestic matters. Its sector expertise spans the energy and utilities, technology, financial services, life sciences and healthcare industries. Hopewell led the advice to Alpha FX Group Plc on a £20m fundraise by way of an accelerated bookbuild in 2020. Other notable individuals include Adam Carling, Simon Allport and Simon Fielder.

Charles Russell Speechlys LLP's recent work spanned the mining, technology, telecoms, financial services and energy sectors. The practice is led by Andrew Collins, who has a strong track record in handling the listing of foreign companies in London. The team also includes Paul Arathoon, who recently led advice to Tamesis Partners LLP, Ashanti Capital Pty Ltd and Shard Capital Partners LLP as joint brokers to Trident Royalties plc on a £20.2m placing and subscription for new ordinary shares. Senior associate Tom Smitham is another notable individual.

Dechert LLP's team is highly active in transactions spanning a number of key markets, including London, New York and Paris; it is also notably strong in deals connected with North Africa and the Middle East, particularly Lebanon and Egypt. Patrick Lyons and Sean Geraghty co-head the group in London, which delivers US and UK securities law advice. The life sciences sector is a key area of strength for the firm, as was evidenced in 2020, when Lyons worked with members of the Paris office to assist gene therapy platform company Lysogene with a €7.7m capital increase. Jennifer Rees made partner.

Dentons is well-placed to handle an array of domestic and cross-border equity capital markets transactions, with its wide national reach being complemented by in-house US securities expertise and a far-reaching global presence. Key figures in the team include global equity capital markets head Nik Colbridge and Neil Nicholson, who leads the practice in the UK. The team is adept at handling small to mid-market IPOs and large international listings, as well as secondary offerings and public M&A. Clients include FTSE 250 companies and AIM-listed corporates, investment banks, NOMADs and brokers. In 2020, Cameron Half led advice to VGP NV on a €200m Rule 144A/Regulation S placement via an accelerated bookbuild offering to institutional investors, as well as a separate €109.18m Rule 144A/Regulation S placement of its existing ordinary shares held by its Belgian subsidiary. In another matter, Nicholson and senior associate Verity Kent acted for Science in Sport on its £4.5m share placing on the AIM market.

Hill Dickinson LLP regularly advises on transactions with a cross-border component; the team fields practitioners who are dual-qualified in a range of jurisdictions including Argentina, India, South Africa and New Zealand. Led by Michael Bennett, the national team demonstrates strong capabilities in the entire suite of listings, equity fundraises and public company transactions. It has particularly significant expertise in the pharmaceuticals/life sciences, energy, natural resources and medical cannabis sectors. Reflective of the ongoing growth of the practice, Jack Delaney, Sam Hudson and Francois de Lange became legal directors in 2021; Melissa Campbell, who was promoted to senior associate in late 2020, is also recommended.

Hogan Lovells International LLP's wide international coverage and in-house US securities law expertise ensures that it attracts a strong flow of work from global and mid-market investment banks, as well as issuers. Maegen Morrison, Daniel Simons and Jonathan Baird are the key contacts in London. They handle a varied workload, including IPOs, secondary offerings, private placements and privatisations. In 2020, highlights included advising Mail.ru Group Limited on its issuance of $200m of global depositary receipts and its $400m unsecured convertible bond offering. In another matter, Simons led advice to Numis as sole bookrunner on a £10m equity placing by Nexus Infrastructure Plc. Baird has a specialism in investment fund and asset management matters. Raj Panasar left the firm.

K&L Gates LLP excels in advising US and Australian companies on listings on AIM, as well as handling dual listings; it also assists UK-based companies with listings on international stock exchanges, and handles work for NOMADs and brokers. The firm is sought after in transactions involving particularly intricate structures, and complex international tax and securities issues. Group head Paul Tetlow and James Green are notably experienced in matters involving the energy, infrastructure and natural resources sectors. The firm also undertakes work connected with other industries; in one example, Green acted for finnCap (as NOMAD and joint broker) and Canaccord Genuity (as joint broker) on a £48.7m fundraise by information management software supplier Ideagen Plc in 2020.

Robert Boyle and Richard Burrows jointly lead Macfarlanes LLP's capital markets practice, which is supplemented by the firm's strengths in M&A, tax and regulatory work. With international capital markets transactions forming the bulk of the workload, the team acts for a mix of issuers, sponsors, management teams and owner managers. Harry Coghill, Tom Rose and senior counsel Mark Slade are other key practitioners.

Mayer Brown International LLP's team in London is well-versed in the English and US securities law aspects of IPOs and secondary offerings, as well as public company transactions that trigger regulatory notifications and other corporate work. The group includes Robert Flanigan, who has 20 years of experience undertaking equity capital markets transactions in the UK and across the EMEA region. In 2020, he acted for Banco Santander and CaixaBank as the joint global coordinators on the IPO of Soltec Power Holdings on the Spanish stock exchanges through a Rule 144A/Regulation S offering. Other notable individuals include Robert Hamill, Rebecca Bothamley and senior associate Harriet Hainsworth, who advised Velocys Plc on a £20m equity fundraise. Beyond the energy sector, Hamill is also active in equity offerings involving the mining, TMT, industrials and petrochemicals sectors, while Colin Scagell specialises in listings, secondary offerings and takeovers in the insurance sector. Kate Ball-Dodd is another name to note.

Memery Crystal LLP is a major player in high-profile AIM and Main Market transactions. The highly-rated practice is led by Nick Davis, who has over 25 years of equity capital markets experience. In addition to undertaking work for UK-based companies, the firm also acts for corporates in the US, Canada, South Africa and Australia; it also has strong relationships with a number of key NOMAD and broker clients. Davis and Michael Dawes co-head the firm's offering in the natural resources sector, which has been a key area of growth; Kieran Stone is also active in this space. Elsewhere, the firm's work spans the healthcare, gaming and technology sectors. Davis and recently promoted partner Melanie Talbot acted for life sciences client Intuitive Investment Group on its AIM admission and £7.5m placing in 2020. Lesley Gregory, who is one of the few female chairs of a UK law firm, is another name to note.

Penningtons Manches Cooper LLP's equity capital markets practice has gained momentum since the arrival of partner Seb Orton from Eversheds Sutherland (International) LLP in 2019, with the firm generating a strong flow of work from investment banks, brokers and corporates. In addition to handling AIM transactions, the firm is also increasingly active in Main Market and AQSE (formerly NEX) matters. Orton's work aligns with the firm's core strengths in retail, technology and life sciences. In 2020, one of his highlights involved advising SkinBioTherapeutics Plc on a £4m conditional placing and associated open offer.

US firm Armstrong Teasdale acquired Kerman & Co in February 2021 and therefore inherited its equity capital markets practice. Noted for its particular strength in undertaking issuer-side mandates, the group is highly active in AIM listings and secondary fundraises; it is also sought out for advice on Main Market and Aquis Growth Market IPOs and follow-on offerings and handles public M&A work. Joan Yu and Peter Kohl jointly lead the team, which is heavily involved in mandates connected with the energy and natural resources industries (particularly oil and gas and mining work). The technology, financial services and chemicals industries are among other areas of activity for the group.

Under the leadership of Philip Lamb, BDB Pitmans' ECM practice has gone from strength to strength. The team is extremely active in AIM IPOs, secondary fundraises and reverse takeovers, acting for a roster of clients including a mix of listed and unlisted companies, as well as NOMADs and brokers. Nick McCarthy recently led the advice to SourceBio on its AIM IPO and associated placing. Another key figure is Oliver Pilkington, who acted for finnCap (as NOMAD and broker to K3 Capital Group plc) on a vendor placing, placing and Primary Bid offer and subscription to raise £30.5m for the company's proposed acquisition of randd UK Ltd. Senior associate Rebecca Motchman is another key individual.

Burges Salmon LLP has a strong profile among AIM-listed companies, NOMADs and brokers. With Nick Graves and Rupert Weston at the helm, the team handles IPOs, secondary fundraises, corporate transactions and the associated regulatory and compliance matters. The firm is notably prominent in the energy sector; in one highlight, a cross-practice group advised longstanding client Bluefield Solar (a UK-focused income fund listed on the London Stock Exchange that invests primarily in solar assets) on its acquisition of Bradenstoke Solar Park Limited.  Elsewhere, in the financial services arena, the firm acted for AIM-listed fintech company Nucleus Financial Group PLC on a £145m bid for the company by James Hay Holdings.

Druces LLP's varied workload includes a mix of standard/AIM/Aquis Exchange listings, dual listings, placings and company takeovers. Dominic Traynor heads up the practice, which is noted for its sizeable international client base. Traynor has a wealth of experience in acting for mining and energy companies. He works closely with senior associate Jack Kemmish, who has notable expertise in acting for international oil and gas exploration and production companies. The duo recently acted for MAST Energy Developments Plc on its placing, issuance of advisers’ shares and admission of the enlarged share capital to the Official List of the London Stock Exchange.

In a major development at Edwin Coe LLP, Daniel Bellau joined from Hamlins LLP in January 2021. Bellau has vast experience undertaking the full spread of ECM transactions for funds, SMEs, entrepreneurs, NOMADS and brokers. Since joining the firm, his recent work has spanned the financial services, real estate and manufacturing sectors. Another name to note is Russel Shear, who acted for SPARK Advisory Partners Limited and Oberon Investments (the trading name of MD Barnard & Company Limited), acting as the NOMAD and broker respectively, on a conditional placing and subscription to raise £3.4m for MyHealthChecked Plc.

David Robinson heads up the practice at Fladgate LLP, which excels in advising fast-growing and entrepreneurial companies on AIM/Main Market admissions, dual listings, secondary fundraisings, M&A and corporate governance issues. Noted for its involvement in first-to-the-market transactions, the firm's work spans a number of industries, including the financial services, life sciences, energy and natural resources sectors. The team includes Paul Airley, who has particular knowledge of Canadian capital markets transactions, and Nigel Gordon, who recently advised Jubilee on a £14.5m placing of new and existing ordinary shares. Consultant Neil Vickers has over 20 years of international equity capital markets experience.

Fox Williams LLP demonstrates strong capabilities in advising international listed companies on admissions to AIM. In addition, the team's wide-ranging expertise includes secondary offerings, public and private M&A, and regulatory and corporate governance issues.  In 2020, the practice was heavily involved in transactions in the financial services, renewable energy, oil and gas and mining industries. In one highlight, practice head Richie Clark advised AIM-listed company Scotgold Resources Limited on a £3m equity fundraising. Hannah Elliott, who recently made partner, has particular expertise in the technology sector. Dearbhla Quigley joined Forsters LLP.

Mills & Reeve LLP's equity capital markets practice, which is led by Stephen Hamilton, distinguishes itself by providing full-service support to fast-growth technology companies and life sciences businesses at all stages of the lifecycle. The group's varied workload includes IPOs, secondary fundraisings and M&A. Hamilton advised IQGeo Group Plc on a £5m AIM fundraising in 2020. In addition to undertaking issuer-side mandates, the firm also generates mandates from NOMADs and brokers.

Squire Patton Boggs' ECM practice has gained momentum with key additions to its team; Jayson Marks joined from HFW in 2020, and Fergus Gallagher was hired from McDermott Will & Emery UK LLP  while Louise Barber made partner. The national team, which is jointly led by Jane Haxby in London and Leeds-based partner Hannah Kendrick, demonstrates particularly notable expertise in the technology, industrials and consumer sectors. The firm was able to capture a sizeable share of AIM IPOs and other equity fundraises in 2020; public M&A work is another key mainstay of the practice. Highlights for the group included acting for Kooth Plc on its AIM IPO, as well as advising WH Ireland (as NOMAD and sole broker) on the £25m fundraising and AIM IPO of Various Eateries Plc.

Watson Farley & Williams LLP's capital markets practice is aligned with the firm's strengths in the transport, energy and natural resources sectors. Led by Chris Kilburn, the team handles the full spread of work for corporate issuers, investment banks, NOMADs and brokers. A recent highlight involved Jan Mellmann advising Coro Energy Plc on its acquisition of Global Energy Partnership Limited, as well as a £4.5m placing. Kilburn is experienced in advising overseas-listed companies on accessing the UK markets, including many ASX-listed companies.

Martin Thomas leads Wedlake Bell LLP's capital markets practice, which handles AIM and Main Market IPOs, secondary fundraises and follow-on M&A work for corporate issuers, NOMADs and brokers. Thomas' transactional experience spans the oil and gas, natural resources, financial services and early stage technology sectors, among others.